Because of Rippling’s platform capabilities, we only need to tie against our point- SaaS competitors to win. If we can match these competitors on the features that are unique to their product category, we will win on our platform capabilities (such as our analytics suite, role-based permissions, work昀氀ow automations, con昀椀gurable approvals, and custom policies), the deep integration with the employee record, the integration with other Rippling products, and the common user experience that clients have across all Rippling products. Because of this approach, Rippling has an important “second-mover advantage” in SaaS markets. The more mature the market, the more there is an existing spec for the capabilities we need to have to compete head-to-head with point-SaaS incumbents. We’re never going to win on these “head-to-head” features; our goal is always to tie. When we build corporate cards, we’re not innovating on the way we issue corporate cards (through Stripe issuing or Marqeta) or the way we scan and extract metadata from receipts (which is mostly a vendor relationship for us today). We’re going to win on the capabilities we have that are common to all Rippling products—the integration with the rest of Rippling and with employee data, the platform capabilities, and the common UX described above. But it’s easier for us to build a point-SaaS product like “corporate cards” when the market has already settled on what “product-market 昀椀t” looks like for that particular vertical. Because of this, Rippling has an advantage when going after markets that are mature or even commoditized. The market expectations are clear and stable, and we know exactly what we need to build. And when we build it, Rippling’s offering is paradoxically the only unique product in a sea of commoditized, undifferentiated ones. Our products, built from the Rippling platform Lego blocks, integrated with the rest of Rippling, and able to draw on a deep understanding of your org and employees, have capabilities that point-SaaS competitors cannot match. The more commoditized the market, the more Rippling’s offering will stand out and become the “default buy” for our customers. One way to think about this is, “Jeez, Rippling competes with a lot of companies and in a lot of different markets...” But Rippling competes against such a broad (and expanding) set of companies, that in some sense it suggests we’re approaching the market in a different way than any of these other companies, and as a result, none of them are the true long-term competitors in our market.